In today’s uncertain economy, planning for your financial future is more important than ever. Don’t miss this opportunity for a free, private consultation on financial issues that matter to you with experts from the Financial Planning Association® and highly qualified CERTIFIED FINANCIAL PLANNERTM professionals.

Workshops are offered on a variety of financial topics throughout the day. Stay as long as you would like. It’s all free. Bring a friend!

While visiting, get your free annual credit report or get a ballpark estimate of how much you should be saving to meet your retirement needs. Credit counselors are available to help you interpret your credit report and to provide strategies for improving your credit score. Housing counselors are available to help you with information on how to qualify for a home or to keep your home free from foreclosure.

Community partners like Bank On Virginia Beach, Virginia Saves, Legal Aid, Fleet and Family Services, State Corporation Commission, Federal Reserve Bank and many more will be available with expert information throughout the day.

Please share this email with your friends and colleagues or print a flyer for posting.

Remember the last time you decided you needed another car and went to shop? What did the salesman ask you... "how much payment can you afford?" Shopping for large purchases can lead you into one of the most common "gotcha's"; focusing on the payment and not on the purchase price. Almost never does the total cost of the vehicle become part of the bargain, but payment does. Why? Because salesmen know that we tend to make our decisions based on short term thinking rather than true costs. The car dealer can get your payment in your price range by changing how long they finance the vehicle, but that may not be in your best interest.

Let's take a hypothetical car. Found one for $24,000 on the internet. Now would you pay $27,000 for that same vehicle? Of course not. But when you finance your car, you choose to pay more to have it by adding interest to the cost of the vehicle.

The salesman asks how much payment can I afford? Most of us have an amount we think we can manage based on our other budget choices. Would I be willing to spend $757? Wow! I would become car poor to forfeit that much from my budget. That is what financing that car over 3 years would cost. At that rate, I would pay an extra $3,000 in interest over that three years. We may think that is too much to pay, but in reality, that is the payment option that lets me pay the least. In three years I would have my car paid for in full and be able to start a savings plan that would allow me to buy my next car without having to finance so much.

Too much to manage, so the salesman offers me a great deal on the car where I can drive today for $497 per month. He just extended my loan to five years and increased my total interest paid to $5,000. Now this car will cost me just over $29,000. The salesman used time to gain the power of the sale.

Let's consider how we can use time on our side. If I were to drive my old jalopy for another 3 years and save the monthly payment in the bank, I could go shopping with a great down payment and not have to bust my budget to have the car I want.

Another option would be to save the payments and look for a nice used car for the money I have. Cash is King in the bargaining world and you can get yourself a great deal if you are willing to pay cash. Be willing to forfeit the payment route and you will find yourself in the power seat with the savings you have accumulated. You will feel good having no payments too!

August Classes:
During the month of August we have the following classes:
1st Wed: Library – Crisis Mode
1st Tuesday 8/7: Enoch – Pay Yourself First
Last Tues 8/28: Seatack – Pay Yourself First
9/5/12 Library – Money Management

Other Classes: See the attached flyer for a Foreclosure Prevention Class offered by the UpCenter on August 25th. Also Virginia Housing Development Authority offers free First Time Homebuyer classes every month. Visit www.vhda.com and click on “homebuyers”.

Looking for a Coach?: Participants who have a coach are able to make their financial goals faster. Coaches keep you strategically focused and motivated to implement your financial plans. One of the key benefits of Bank On is getting a financial partner who is on your side to help you navigate through the maze of financial complexities. Don’t miss your opportunity to benefit from coaching.

You must RSVP for these coaching sessions to bankonvb@vbgov.com If there are no RSVPs sessions will be cancelled to honor the volunteer coaches time.

Bank on Partners: Don’t overlook the benefit of using our Bank On Financial Institutions for your coaching needs. Having a strong financial partner relationship can really make a difference. Having a savings account with one of the Bank On Financial Institutions can help you to build your savings in a location where you are not tempted to access your nest egg.

Community Coaches: if you still need a coach to work with you, there are a limited number of community coaches to assist. Contact bankonvb@vbgov.com.

Midterm Survey Results: WOW! You Bank On participants are doing some wonderful work! Congratulations. Attached is a report from the recent Bank On midterm survey where we asked how you were doing. Thanks for your participation!

New Classes Forming: We are currently organizing classes to begin in November and after. Classes are being scheduled for the Lake Edward, Seatack and Municipal Center areas of Virginia Beach. New classes are a great way to pay it forward and to keep the momentum you have started in reorganizing your financial life fresh. If you have missed a few sessions, new classes can help you round out any missing classes so that you can qualify for the matched savings incentives. If you want to help staff a class or have a friend or coworker who would like to attend Bank On, please share this information with those you know. New Employee Classes will begin in January at Building 14 and DHS.

Financial Planning Day: Mark your calendars to attend Financial Planning Day on October 27. You can register to attend this free event online at www.financialplanningdays.org/virginiabeach. We are excited to announce that Kelvin Boston of PBS’ MoneyWise series will be our keynote speaker for the day. Financial Planning Day is a day when Certified Financial Planners offer their financial advice for free as a pro bono outreach to the community. Participants in Financial Planning Day can meet one on one with a Financial Planner, can attend workshops, obtain a wealth of free financial resources, and get their annual credit report or evaluate their retirement savings.

Bank On Graduation Register Here: We will be graduating our first Bank On Class at Financial Planning Day on October 27th. Come and be recognized for your hard work. Instructors, coaches, and City staff will be present to recognize your hard work.
Using the Passport: There is a checklist at the back of the passport for all the activities that are required for the financial fitness challenge. Separate from Bank On graduation, participants can submit their passport for recognition in the Mayor’s program. I hope you will take this challenge and become recognized by Mayor Sessoms for your Financial Fitness. At the front of the passport is the Starting Position where the participant documented where you started from and at the end is the ending position. These two benchmarks will demonstrate the progress you have made over the course of the challenge. All information is maintained confidential and will not be shared. Reports on the Mayor’s Action Challenge will be aggregated as a whole to report the effectiveness of the program.

Worksheets and other Materials: Bank On’s Blog has a wealth of materials and information for you. Worksheets, tools and tips can be found on the Resources tab at this website: http://bankonvb.blogspot.com There is a calendar of events and all the sign up forms etc that are used with the program. No passwords required. Easy access for materials.